//Starting a Business

Question: What do these powerful companies all have in common: Microsoft, MTV, Apple, Google, Rolling Stone, Subway and Dell? 

Answer: They were started by people under 25 years old

Anyone can start a business. All it takes is a good idea, discipline and hard work. Every great business starts with a great idea. Where do great ideas come from? Here are a few places you can look for inspiration:

  •  Personal experiences
  •  Work-related experiences
  •  Friends, family, teachers, coaches
  •  The Internet
  •  Library research 

As you think about your idea consider these questions: 

  •  What do I like to do with my time?
  •  What technical skills have I learned or developed?
  •  What do others say I am good at?
  •  How much time do I have to run a successful business?
  •  Do I have any hobbies or interests that are marketable?

When you get a great idea, test your idea against these questions:

  •  Is my idea practical, and will it fill a need?
  •  What is my competition?
  •  What is my business advantage over existing companies?
  •  Can I deliver a better quality service?
  •  Can I create a demand for my business?

 Consider the time it takes to run a business:

  •  Do I really want to give up being on a sports team, dance, piano and voice, or hanging out with or going to the mall with my friends to run this business?
  •  Will I have to run my business every day or just sometimes?
  •  Will running my business have an effect on school?
  •  Will my family help me out?

The final step before developing a business plan should include these questions:

  • What services or products will I sell? Where will I be located?
  •  What skills and experience do I bring to the business?
  •  What will I name my business?
  •  What equipment or supplies will I need?
  •  What insurance coverage will be needed?
  •  How much money, if any, will it cost to start my business? Will I need financing?
  •  What are my resources?
  •  How will I compensate myself?

Your answers will help you create a focused, well-researched business plan that will serve as a blueprint. The plan will detail how your business will be operated, managed and financed.



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